The collision took place on the A904, at the junction with the A803, known locally as the Champany Junction, around 3.40pm on Tuesday.
A silver Mini Cooper was in collision with a white Scania Articulated HGV.
Two female passengers, aged 21 and 20, were sadly pronounced dead at the scene by paramedics.
The 21-year-old male driver and 22-year-old female passenger were taken to hospital where they remain in a critical condition.
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The road was closed until midnight while investigations were conducted at the scene.
Inspector Andrew Thomson of Forth Valley’s Road Policing Unit said: “Our heartfelt condolences are with the families of the women who lost their lives.
“Our inquiries into the collision continue and we’d urge anyone who may have witnessed this, or who has any information which may be relevant, and who has not yet spoken to officers to contact us as soon as possible.”
Anyone with information can call Police Scotland on 101, quoting incident number 2413 of 8th May.